The government has approved the £4.25bn Todd Boehly-led consortium takeover of Chelsea.
After months of negotiations, the deal has finally been approved after the government received legal guarantees that Roman Abramovich – who has had his UK assets frozen – will not benefit from the sale.
Russian-Israeli billionaire Abramovich put Chelsea, which he purchased in 2003, up for sale on March 2, a week after Vladimir Putin’s invasion of Ukraine on February 24.
“Late last night the UK Government reached a position where we could issue a licence that permits the sale of Chelsea Football Club,” read a government statement.
“Following the sanctioning of Roman Abramovich, the government has worked hard to ensure Chelsea Football Club has been able to continue to play football. But we have always been clear that the long-term future of the club could only be secured under a new owner.
“Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual,” continued the statement.
“We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war.